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Article 5
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Under any of the following circumstances, the FSC may deny approval for an application to conduct the business of auditing and attesting to financial reports of public companies:
- Non-compliance with the provisions of the preceding article.
- It is found that the quality control system of the CPA firm is not effectively implemented, without legitimate reason.
- A practicing CPA has violated laws or regulations, or the CPA code of professional ethics, and the circumstances are serious.
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